tv Markets Now FOX Business September 6, 2012 1:00pm-3:00pm EDT
thanks to you guys. we are enjoying a nice rally here on wall street. all thanks to europe. melissa: we have a rally. dow, nasdaq, s&p all seeing strong gains. its highest level not seen since may of 2008 after the european central bank announces a massive bond buying plant. up 233 points. is this just a temporary fix? is it even legal? and moments we will go live to ashley webster and frankfurt for more on the big decision. lori: european rates coming down, u.s. rates going up. what is all that cheering about? of course. of course. former president bill clinton taking center stage and saying, if we renew president obama's contract we will feel it. now, tonight the president himself makes the case for a second term. the question remains, who will feel it. will that big brother government
and higher taxes? we will go live to neil cavuto in just a few minutes. melissa: talk about letting the big dog come out. i don't know if that was such a smart move. we'll see. and north carolina furniture maker that brought manufacturing jobs back to america. president obama. even attended the state of the union address. he now says he's voting for mitt romney. we'll have him on and asking why coming up later. lori: was conducted on this massive rally. nicole petallides continues to coverage of thanks to the ecb driving today's rally. >> reporter: an exciting day on wall street, especially if you are a ball out there. ira, you want the banks to go up or you just what the major averages to go up. we are seeing the dow up 232 points. not giving any of it back. all 30 components have been in the green. dow components hitting new highs. the vexed about your indexes to
the downside. volume is heavy, supporting this conviction. i also want to take a look at some of the european banks and the heels of a we have been hearing. obviously we talked about aid to the european struggling economy. making this pledge to buy bonds and keep the borrowing rates more intact. short-term bonds. that will help things along. all our banks are up three, 4%. also up eight 1/4%. that is the environment. melissa: thank you. the markets and rally mode after the president and the european central bank announced plans for a new bond buying program. ashley webster joins us from frankfurt, germany with more. >> reporter: a low. this was the announcement that was expected from the markets. super mario comes through with agassi could call it a bazooka, basically to announcing that the ecb will have no limit on the
number of bonds it will by that country's need that help to bring down their borrowing costs. we're talking about spain and italy. if you need help he must put in a formal request. you must live by strict conditions, and you will have the international monetary fund, the imf, comment to make sure you live up to your rules. the ecb decided to listen the collateral rules in order to allow banks more access to loans. in fact, the ecb president says that the key factor in all of this is to free up credit. >> the objective of this program is to repair monetary policy transmission channels which today are hampered to recreate a single monetary area which yesterday is fragmented. so we should see some better
developments on the credit crunch. although we should not forget that credit flows are waggish for several reasons, one of which is low demand. >> it has to be pointed out that, look, yes, the market's love it. bond buying, bringing down those key bond yields in spain and italy, but bottom line this does absolutely nothing to attack all of the eurozone debt crisis as a stance. that comes down to monetary policy from the individual countries, and there's a long way to go before we see any light at the end of that tunnel. lori: great point. back at home the democratic national convention wraps up tonight with president obama formally accepting the nomination for reelection. covering it all is are managing editor and senior vice president, neil cavuto. he spoke with the president of
the afl-cio about people in other countries making higher wages. have a listen. >> kicking our butts and the market. scandinavia's make higher wages. the canadiens, the brazilians, all of these people, it's up because they can't do it and we can't do it here. >> germany is all over it. >> they create more jobs at home. chris now your just making stuff up. let me. you are. lori: hilarious. live on the convention floor in charlotte. first of all, trump was actually talking about the business. you know, the unions made quite a stink about the fact that the destination of the convention, right to work state in north carolina, still up in force for obama. agassi is the lesser of two evils. make sense of all this for us.
>> that is exactly how i characterize it. we're very happy to have it. they did 15 or 20 minutes with us. we enjoyed having him on. i do think that having it in a right to work state does crack a little bit at some unions, but they do figure that this president has been kind to them. they have been supportive. he certainly beats anything that romney -- in fact, he was trailing about unions and their achievements in the gop platform and, indeed, out of the statement above governor romney and congressman ryan. a friend of that ticket. in fact, you are going for president obama. indeed, he did confirm that he was. in all seriousness, the ski groups are very important to keeping the -- keeping debates. this sounds like the same thing, but these conventions are about making sure your people are happy.
it does not necessarily translate into votes in the fall . michael dukakis had his group's jazzed and energized and engage in had a double-digit lead. palatine's it is the issue of getting that message through to folks who are watching on tv. bill clinton did the job last night of trying to make a compelling business case that barack obama's work has only begun. obviously barack obama himself will try to close that. one thing that i have noticed, it's interesting in the remarks. there tailoring this to now when the president took office, but to the recovery that happened a year after he took office. you're going to hear a lot about the 4 billion plus jobs gained, and you're going to hear but the pickup in manufacturing. all of these were roughly february 2010 phenomenon. so what they're trying to say is , don't keep us to this january 20th count. look at what we had to overcome and then look wants everything started taking hold in bed
during 2010 how much we were off to the races. you could argue whether that is right or wrong. the recovery began. lori: is ridiculous is what it is. they want to pick the exact point that you start counting the numbers. 4-000000 private sector jobs from the absolute bottom which happened about a year and two months later. talk to me about trying to follow bill clinton tonight. because that was really interesting. he seemed like -- i here reports that he had lived more than half of that speech. i liked the part. you know, of course we were -- we are doing much better in '96, but even i could not have dug the economy out of the hole that it was in. i mean, there was a lot of left-handed compliment in there. lori: i know what he meant. i found it interesting that bill clinton gives a hell of a good speech. a gigantic -- and he can put these economic matters away in a
folksy and friendly way that is engaging. i'm not surprised that there was very little challenging of his facts even though he spoke to a great deal of people. there are couple of obvious ones. i wonder if there's any lincoln descendants still alive when he raised a point about any other president could not have done what he did and have had their results by and large but he did. i immediately thought of abraham lincoln. there is an argument to be made. lincoln had more challenging times, but ollie that out. even among the fact sticker's there was a resistance to check the fact checkers, even on this whole idea of the budget brouhaha. the issue with the president's plan was that it was just sort of read plan. at the time the republican plan. this convention, oddly the resistance has been few and far
between. i don't know what the nominee is born to do in those debates. plenty of holes in that argument on medicare, health care, budgets, the history and stay ship of this debt. one step away from glenn miller phar-mor. lori: i heard you ask a couple times. one last point, is it correct that the president will have the august employment figures to make we know the white house gets the statistics before the public the night before. will he theoretically have those numbers as he gives his speech tonight? >> i am told he does, but they don't really. what they're going to emphasize is the trend is being his friend. we thought the numbers, you know, you can brag about the stock market. the s&p is nice to has ever been under his presidency. he can brag about what has been happening, doubling of the douses became president. oddly enough the wall street fat cats he bemoans, he could not
use the safe, well, you guys representative the you know what out of me, but look what i've done for you. he has a compelling case to say i am in the markets. i have actually been all of your fat cat friend, said the guerrilla against me. he could make a compelling case and no doubt he will try tonight. like you said, the dismal jobs report is tomorrow. it could be a signal that maybe it is going his way, but we have a lot of ground to make up. still down since january 20th 2 million jobs despite the 4 million in fairy 2010, but they will frame it in that way. you know, if you think about it, that's what you do, framed the argument to make your argument. just like i tell people, the camera as 50 pounds. then they see you in person and they say, no it doesn't. i run with it. lori: well, how many cameras or i knew? >> it was a lot. melissa: on and off camera. pinky free time. don't forget you can get this
coverage of the convention's 78:00 p.m. eastern right here on fox business. you don't want to miss it. lori: amazon says it's kindle fire tablet sold out making room for a new one expected to be announced this hour in california. we will take years after the break. melissa: big jump in gold prices. all of this monetary policy being discussed around the world has gold climbing. a hedge against inflation, more dollars to more euros. that means higher inflation. silver is also climbing. copper is flat, down a bit. more after this. ♪
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♪ lori: just moments from now amazon and expected to unveil a new lineup of the reader devices. outside the event joining us now with all the latest buzz. >> reporter: the question is, is and isn't going to try and kill the apple ipad as anyone could come as 70% market share. but joining me now to discuss all this and we expect to my editor at large of time magazine. yeah the technology world. what are the unveiling? >> well, multiple tablets, and the reader, phone, tv box. the speculation, apple like intensity. >> and people don't think of it as a technology company. they sell books, products. how do you convince the consumer to buy those products if that is
, indeed, what there are unveiling to my new version, maybe even a phone. >> the content is important, and amazon is good. movie deals, tv shows, books, maps. they have never build a truly great harbor device that. what i'm looking for here is whether there are signs they can make a truly innovative gadget. >> share price of 2%. wouldn't it be better to partner with an actual software hardware developer for those evices and then go forward and let them sell the device. >> they're doing that too. a kindle application for your ipad, iphone, android device. they want to be everywhere. >> what would be immense step? investors are excited, but how would they mess up today? >> you know, if they spread themselves too thin it's dangerous. the first tablet was not that fantastic. if they tried to do several tablets and a phone and something for your tv, it's hard to do one of those things well, let alone all well all of wants. >> thank you for joining us.
we will go inside. device operating on an android system that will be able to deliver television, maybe even a television device at the apple tv, the box that to your set. the contracting and license agreements. we will have the full details as the event gets underway. lori: wow. thank you so much. melissa: look forward to that. bated breath to your but this. let's check the market. a huge rally. up 226. and today multi-year highs. nickel is back on the floor of the new york stock exchange to talk about the retailer's making big moves as well. >> reporter: multi year highs, a few key retailers making some news here. the first is years, looking at sears and men's wear house and also, the other one would be walgreens. men's wear house. shares are moving to the upside. it turns out that they're seeing a lot of orders for tuxedos which is a high-margin item. also, they are not getting the uniform orders like they usually do, but they say that they foresee that they will get more
corporate uniform orders. so it's a 14 and a half percent. watching that chairman, now revealing that he bought 2 million shares. that's worth $126 million. and so if that is not somebody showing confidence in their own company, don't know what is. that is the kind of things that gives it a boost. get booted out of the s&p 500. walgreens to the downside, just not seeing the pharmacy orders. they also lost their big deal. lori: thank you so much. some major cuts to the tune of $1 billion. up next charlie gasparino tells us what department is being targeted. lori: let's go ahead and check currencies. how the dollar is very against major trading partners. the dollar is weakening. the euro, one 2/6 on news out of europe. ecb outlining plans to ease borrowing costs, and there is no limit on new bond buys.
>> here with your fox business minute. turkish media says 58 people drowned after a boat carrying illegal immigrants sank after hitting rocks up the coast of turkey. officials said the fishing boat was carrying about 100 people, slid from syria. dozens of survivors reportedly were able to swim to shore a short distance away. a man removed from the lake and philadelphia to are told to return to philly. the guy is not a suspect and he did not do anything wrong. this is someone called tories and said a passenger was carrying a dangerous substance. and one of the most important figures in the nfl has died. as owner of the cleveland browns the team became the raven's after he moved to baltimore in 96. his dead at the age of 87.
those are your news headlines. the fox business network, now back to you. lori: thank you for the update. melissa: $1 billion in cost-cutting. what will those cuts b? charlie gasparino as the two-story. >> reporter: we are getting this from people inside. people that are talking to wall street executives from -- also looking for jobs. this might be the base cost cutting. now, we should point out, not just the business conditions on wall street this tampering, but also an insider-trading scandal, problems with the bank, a japanese bank, so a lot of other issues. this is the most extreme example of what is going on in maastricht, and it's affecting the equities business, the stock trading, banking, research which has been hit particularly hard in the current wall street profit. so this is what we know. telling executives the fox business network has learned, particularly in the equity business essentially to look for other jobs.
signaling to these executives that they are winding down their equities business. we should point out that this increase business was built up in the aftermath of lehman. they bought a chunk of women. been there before as someone who has covered wall street for 20 years. i can tell you how many times have gone into the equities business only to get out. this looks like one of those times. the job as we understand, losing focus on equity which means trading, sales, banking, research, those are the major jobs. we do know that equity executives are flooding the market with press amazed. no comment. i called him earlier this morning. they know we're going to do this. lori: that in the night. >> reporter: have come public with this whole notion of restructuring. a billion dollars in cuts. that is a good chunk double fall in the u.s., and if you go through the math it looks like we are talking -- i mean,
this could be 200 people and this equis business. we don't know for sure because they're not commenting, but they're people are commenting and are going, you know, obviously very difficult time if you work there. they are completely flooding the markets. it is a very -- were going to have more later on about cuts on wall street i was told that, but this is a very difficult time , both in fixed incomes and equities. a lot of capital because the of frank, the leveraging a lot of stuff going getting a job on wall street is not what it once was. we should point out that there is a special situation, but it is -- every firm on wall street is recalculating. when this goes on, and we don't
know if this is a blip on the restaurant like and have seen so many times where business goes up and down depending on the business, or is this a secular change based on what is going on in washington? here is something, and irony. a lot of reporters don't want to make. dodd-frank pushed by extremely liberal senators, progressives. they wanted to hammer wall street, put them against the wall, shoot them and make them pay. lay off people in new york, massachusetts, new jersey, hurting the very states that of the most progressive welfare states out there. this with the bottom line. this is secular.
lori: the ecb announcing a new bond buying program helping to bring the borrowing costs down. but is this just a temporary band-aid? more on that important decision coming up next. melissa: important to note that rates are down overseas. way up here. we will show you a little later, but first you want to show you some of the winners, market and losers. but those performers. first solar up 9% and change. up 9% as well. back with more after this. tdd#: 1-800-345-2550 you should've seen me today.
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lori: let's get a market check. this is the headline of the day with the dow up 224 points right now. let's head back to the floor with nicole petallides. looking at homebuilders but talk about the giant rally. thank you europe. >> giant rally, thank you europe and nice headlines here at home to support that as well. so everything seems to be pointing in the same direction today and that's all up arrows across the board. homebuilders are no different. this group has been a stellar group. despite the fact we had obviously a tough housing sector and crisis we've come up off of the lows and fitch today raised their outlook on kb home to stable from negative. also citing the housing market that the recovery we're see something stronger than anticipated. we're seeing pulte, d.r. horton and lennar all at multiyear highs.
many of these names are up 50, 60, 70% year-to-date. back to you. >> nicole, thanks so much. mario draghi unveiling drastic measures to help the eurozone. buying government bonds in unlimited quantities. will this be a game-changer within the euro crisis? is it even a in their mandate? that is what i'm wondering. kathleen, can they do first and foremost? i heard people questioning that already. what do you think? >> they can because they have done it before. they did it with the s&p program which they started in may 2010 during the peak of that greek crisis. there is a precedent for it. you know, i think draghi certainly is bending the rules or interpreting the rules his way whereas the germans are very clear-cut. this is financing governments and we don't like it but they were
outvoted. melissa: do you think this solves the problem? does it get to the heart of it? is it a short-term solution? what is your bet? >> i don't think it solves the problem but it goes some way to providing a good solution. i mean they need to work with governments to do it. the first thing i think is really important to remember it removes the kind of fear factor if you like of a spanish bailout. people have been saying once greece goes, spain goes that will be the end of the eurozone. right now it's not. if anything, european authorities like ecb, spain, please accept the bailout and we'll start buying your bonds. the second thing, goes some way in trying to instill fiscal discipline in the your ozone saying -- eurozone we'll not buy your bonds unless you sign up to the harsh fiscal austerity program. melissa: does it do that though? does it really solve the fiscal austerity problem. it solves the bond problem. it solves the freezing of the bond market but doesn't
stop the greater problem of government spending more than they have. >> it could go some way towards instilling discipline because draghi made very, very clear, and i think it had the stamp of germany all over it. hey, if you don't agree to the fiscal austerity plans we will stop buying your bonds and we may not be selling them. if they get into financing troubles spain does over next couple months and needs ecb to step in and reduce financing costs and doesn't sign up and play ball we could easily see, could easily see the ecb make things a lot worse for spain. think they will stick with that because they don't want another greece on their hands. melissa: you believe that? that they would follow through with that kind of threat and those governments will take them seriously? >> i believe, with the bundesbank being so, so critical of bond buying in any shape or form, and then being the pay masters i think it would be hard to turn back now. it is a credibility issue.
melissa: yeah. >> i think one of the reasons why the markets have accepted this plan. you know what? the ecb on paper anyway isn't going to be stupid about the bond buying plan. it will not just give money away. we'll take it at face value. you're right, there is not great precedent with greece but i think that is what they will try to avoid. melissa: i don't know. there must be a price to pay down the road. maybe i'm buying gold from now on. kathleen brooks, thanks so much. >> thank you. melissa: last night elizabeth warren said the game was rigged against hard-working americans. up next we'll ask lou dobbs who the game is rigged against and which party is looking to even the playing field. lori: look at the story in the bond market today. the 10-year yield way up to 1.68%. you heard melissa and kathleen discuss the bond buying program in europe. we have great, well, better economic news on the jobs front. all important labor market. right sector growth came in stronger than expected. initial jobless claims fell
more than expected. jobless claims out in the morning. there is the market reaction. long bond is up as well, yieldwise, 2.79%. up nine basis points. back with more after this. [ male announcer ] if you believe the mayan calendar, on december 21st polar shifts will reverse the earth's gravitational pull and hurtle us all into space. which would render retirement planning unnecessary. but say the sun rises on december 22nd, and you still need to retire. td ameritrade's investment consultants can help you build a plan that fits your life. we'll even throw in up to $600 when you open a new account or roll over an old 401(k). so who's in control now, mayans?
widely expected bond buying programs. better than expected reports on the u.s. labor market are also pushing stock higher. shares of magic jack are on the rise after booting its full-year guidance. the company cites lower cost and full year sales of its new magic jack plus as the reason. trustee for perigrine financial group outlined a plan to return money to customers. it is seeking approval from the bankruptcy court to return $122 million if in a series of distributions which could start december 28th. perigrine filed for bankruptcy in july after regulators accused it of misappropriating $200 million of customer fund. that's the latest from the fox business network. giving you the power to prosper
last night at the democratic national convention elizabeth warren took the stage. hear is the message she was delivering to middle class americans. >> people feel like the system is rigged against them. and here's the painful part. they're right. lori: just who is the system rigged against and which party is trying to even the playing field? lou dobbs is here with his take. i mean you could argue with her in so many ways. i will let you take it from here because you're much smarter than i, mr. dobbs. >> elizabeth warren, first of all great to be with you guys as always about this time every day. but i have to say, what an entertaining evening and elizabeth warren bringing more than her fair share of entertainment to the evening. it was a great, it was a william jennings bryan evening. it was great. populism exploding across the stage. well, didn't exactly explode because her speech didn't rise emotionally at the level i would have liked
because i like that, for entertainment purposes if nothing else. she did say some things of substance but they were fleeting and quickly forgotten. what she did say that will be with us for a while, which i think the democratic party is going to struggle with, this us against them view. the fact that she created the consumer protection bureau. that the democrats are charging into the teeth of the terrible business people in this country. look, this idea of demonizing businessmen and women, large and small business, has got to stop. and i'm just giving them free counsel right now. this is blowing up in the face of the democratic party. if the president of the united states tonight continues with a theme of, elizabeth warren, and, the sudden populist drive of former president bill clinton clinton, election may be not
close at all because the american people don't want to hear about us and them, telling them that the system is rigged. what they want is a fair, square deal. all they had to do was go back and look at the history of the democratic party. this isn't it. this is an anomaly. this is a departure. melissa: she is right the system is rigged. rigged against anybody that goes tout there to try to earn some money because the government is going to take it away from you. she is right but won the exact wrong point or conclusion. >> i have advice, since you prompt me in that direction for the republicans. republicans shouldn't get in a whine-off with the democrats. big boys and girls run big companies in this country and small business. it is time for everybody to stop the whining and get moving. what we desperately need in this country is a leader, in the senate, in the white house, who isn't whining, who isn't protecting us, who isn't keeping us, mitigating the consequences of stupidity,
that emerges from washington, d.c. we need to end the stupidity and get back to work. and that's what we need to hear. from either president obama or governor romney. lori: i will be so curious, i'm sure as from both of you to hear the president tonight. whether or not he takes credit for this soaring stock market we see today. >> why not? elizabeth warren did it. lori: but that's the thing. he -- >> elizabeth warren and mario draghi at the european central bank did it. will he claim credit for it? lori: he can't. he is padding the backs of big bankers. melissa: he done a lot to help fat cats on wall street if you look at the stock market. >> these fats they're talking about, is there a new class of person in this country? there have been fat cats on wall street since the advent of the nation. in one form or another. there have been successful businessmen and women.
there have been people working and bringing themselves up by their boot straps. if i hear one more democrat or republican tell me how their family was poor and they actually had to work, oh, my god, they had to work. both parents, the mommy and the daddy worked. my god. next you know our children will have to work. and i think that east a very damn good idea. that's what i'm hoping we'll hear from these leaders as this, now, this debate gets down to the final two months. three debates coming. it's going to be super-duper, i'm sure. the whining i hope, with this is over. melissa: stop whining and start working that is your bumper sticker. >> i don't need a bumper sticker. you're kind enough to allow me to join you each day at this time and we get to, i can take that off my chest. melissa: i love it. lori: very cathartic for all of us. lou, thank you very much as always. >> thank you. lori: 7:00 p.m. eastern tune
into "lou dobbs tonight" and more from the dnc. what to expect from the president and gop congressman from alabama, artur davis. melissa: let's check the markets. nicole petallides on the floor of the new york stock exchange. >> well, we're going to take a look at some of the chip stocks very closely. sandisk and micron are benefiting today on reports that occ has given a tech warning on some supply, tight supply of flash memory chips and those chips are used in tablets and other devices and such. so here's a look at sandisk and micron. they make chips. so this is great news for them. they talked about prices for chips being somewhat flat. this is a good move ultimately. but ecz talk about supply warning, that's tough. down 19%. back to you. melissa: nicole, thank you so much. president obama praised him for bringing furniture
manufacturing jobs back to north carolina. even had him attend the state of the union address. is he supporting the president for re-election now? melissa: nope. lori: find out why, next. melissa: as we head out to break, look at some of today's winners and losers. sandisk corporation trading up 8%. good day for those stockholders. we'll be right back want to try to crack it? yeah, that's the way to do it! now we need a little bit more... a little bit more vanilla? this is great! [ male announcer ] at humana, we believe there's never been a better time to share your passions... because the results... are you having fun doing this? yeah. that's a very nice cake! [ male announcer ] well, you can't beat them. [ giggles ] ohh! you got something huh? whoa... [ male announcer ] humana understands the value of spending time together that's a lot of work getting that one in! let's go see the birdies. [ male announcer ] one on one, sharing what you know. let's do it grandpa. that's why humana agents will sit down with you, to listen and understand what's important to you.
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expected in those oil inventories from hurricane isaac. eia reporting a drop of 7.4 million barrels in the latest work. forecasts were for a drop of 5.3 million barrels. that is what is leading to all the bullish sentiment in the market. crude prices up 70 cents, trading just over $96 a barrel. not everybody believes these prices will continue to go higher. in fact deutsche bank came out with a bold. >> caller:ing for $72 a oil barrel. they expect prices to fall due to weaker global demand over next four months. that being said, for the consumer gas prices continue to go up at the pump. rboc gasoline, wholesale gasoline price, biggest gainer on the crb commodity index. up 10% so far this year. back to you guys. melissa: sandra, thanks so. lori: get this. our next guest was invited to the white house by president obama to participate in an insourcing jobs forum. even attended the last state of the union address as a guest of the first lady.
but he says he is supporting governor mitt romney in the upcoming presidential election. joining us on the phone is bruce cochran, founder and ceo of a furniture company called link tonton furniture. great to have you with us. >> thank you, melissa. lori: was there a straw that broke the camel's back if you will in terms of your decision-making process why you went from sitting with the first lady to say you're going to vote for mitt romney? >> there wasn't any single event that took place. i looked at governor romney's experience, business experience especially with bain capital. he took. he took struggling businesses and it was his job to take struggling businesses and turn them around. and he did whatever it took. and you turn around a small business or a large business, or, struggling company, it is like putting a puzzle together. lori: right, right. when you heard the president in roanoke earlier say to small business owners, you didn't build that, that
couldn't have resonated all that well with you. could that be a part of the reason you're voting for mitt romney? >> i thought it was a misguided statement. the administration talks about the bidding the economy from the bottom up. tell me how you do that? melissa: no, bruce. i mean, i want to talk a little bit about your history. you're someone, you had a furniture company here in the u.s. you sold it to another company. they outsourced a lot of the jobs and ended up closing the factory where you live. you decided to reopen that business, to start over again, essentially from scratch. now you have a lot of workers and once again, another thriving business. why do you think that mitt romney is the right guy to help duplicate that experience or help people like you create jobs around the country and dig us out of this mess? >> governor romney, i believe, will surround himself with like-minded business leaders who understand the business community and the need that businesses have, large and small, for capital and
enforcing existing trade laws, education and all those, all those tasks that are required to, to help businesses. and better yet, i believe that governor romney will be able to not only propose these ideas but he will be able to pass a budget that will have partisan support, that will, that will support it and, we'll get some things done rather than proposing a budget that has no support, whether it be democrat or republican. lori: bruce, in remaining time tell me about your labor force. are you hiring workers? holding off? what are your plans? >> well, it is a startup company, we're hiring people as needed. as we train them, so, yes, we continue to hire and much of it is based on the climate, the economic climate, retail community and, but as a startup we have to hire. we have to hire people.
lori: thank you for sharing your story. bruce cochran, have a good one. >> thank you. melissa: coming up tonight on "money", boone pickens joins me on oil's dire strait. he said we should be focusing on becoming energy independent instead stead of paying to protect the strait of hormuz. that is 5:00 p.m.. lori: we have another live update from ashley webster, live from frankfurt. keep it here on fox business.
tracy: battery lasts eight books. >> do you need to know how long it will take you? exactly. tracy: speed it up, will you. >> guide us through the next hour, my friend. tracy: 230 points on the dow, why not? i'm tracy byrnes. stocks up to some of the best levels of the year. dow, nasdaq, s&p jumping up 2% or more with heavy volume. most of the boost comes with the long-awaited action from the european central bank. my coanchor, ashley webster, no surprise, not here. live in frankfurt with more. hey, ash. >> yeah, hey there, tracy. super mario opens the bond buying floodgatess. the markets love it. critics say you know what? it is not legal. oh by the way, yes we still have to solve the european debt crisis. i will have the very latest
from frankfurt, tracy. straight ahead. tracy: legal being the big question of the hour. all right, but it is top of the hour. so time for stocks as we do every 15 minutes. we head down to nicole petallides on the floor of the new york stock exchange. hey, nicole. >> hey, tracy. good afternoon, everybody. amazon's stock hitting a new all-time high. we have our own adam shapiro over in california giving us the play-by-play and sending us notes. sending us latest things about the new amazon kindle. this is a really big deal on a day where the markets are taking off and rallying. let's talk about some of the headlines that we're seeing. number one, that the new kindle paperwhite ereader eight week battery life. that is a big deal. we're using this term very freely. high resolution display called paperwhite. kindle 3g, $179. the new kindle-based model has a new name, $69 that kindle. we're getting headlines fast
and furiously from california. you can see the stock here, up 1 1/2% and hitting a new all-time high. just a broad based market comment, the vix, fear index is to the downside. we're moving higher on heavier volume we haven't seen since august 1st. these markets are at multiyear highs. back to you, tracy. tracy: that is a nice little price point, nicole. we'll see you in 15 minutes. the president of of the european central bank giving a boost to the markets of course after announcing plans for a government bond buying program. my man, ashley webster joins from us frankfurt, germany with the details. hey, ash. ashley: could say, tracy, march -- mario draghi got the bazooka out. that bond buying program
that will effectively put in a backstop for the bond market and bring down borrowsing costs for spain and italy. countries first must request help and undergo strict conditions. that could prove a problem for a country like spain. they may not want people nosing around in their books but the ecb hopes the imf will also be a part of that process. i asked mr. draghi today, during the press conference, whether the high borrowing costs were in fact based on very real economic date and not as he stated, unfounded fears. ? >> we shouldn't forget how these countries found themselves in the bad quill lib bream to begin with. maybe because of their wrong policies and policy mistakes. so to this extent the yields, that are currently in the market reflect this fact. they don't reflect only unfounded fears of a possibility reversibility.
they also reflect the quality of the outstanding credit of these countries. ashley: but, tracy, critics say the consequences of this big bond-buying program could ultimately hurt the very people of europe. >> whenever the european central bank starts buying bonds, it will issue new money. and as you know, an increase in the money stock will sooner or later translate into higher prices and higher prices mean a decline in the purchasing power with money. it will also debase people's lifetime savings. so i would say that there will be great costs that come with the ecb's government purchase programs. ashley: those same critics also say that the ecb is overstepping its mandates and is basically now propping up eurozone governments. >> i think the issue is pretty clear.
it is in violation of existing e.u. law what's happening now and of course current inflation is relatively benign. but once the central bank starts buying bonds, issuing new money, you can be sure sooner or lighter inflation will go up and will do these harmful effects. ashley: well, legal or not, the ecb is going ahead with with the program, tracy, and mr. draghi says he is quite within his rights to do so. as we heard there are others who say no, that is not true. the markets certainly loved it. the footy is going up by some 2%. footsie. the banks, my oh my, they had good days, some french banks including credit agricole and sewtae general. certainly the markets love it. we have to point out this does not solve the european debt crisis. yes it brings down the
borrowing costs but hopes it doesn't get the country's underlying troubles they have in the first place. we'll talk about that later on. back to you. tracy: ashley webster live from fringe further. he is covering this wall-to-wall. he makes a great point. it doesn't solve the actual problem. let's talk more about this and whether they did today is enough to save sit tally and spain from going bankrupt. we're joined by krishna from oppenheimer funds. i'm glad you're here today. italy popped 4% spers. spain popped 4%. they seemed to be happy what mario draghi had to say. >> they better be happy. he is spending millions and trillions to help them out. seriously the likelihood of spain readily going bankrupt or europe breaking up goes down meaningfully because of this action from the ecb. that is what the markets are reacting about. the long-term problems of relatively low growth or recession depression in
these countries hasn't been resolved. that still needs to be tackled with but they're not going bankrupt. tracy: okay but it is almost a lot of nothing new, right? we heard this story before. he did come out once before, draghi, i will do whatever it takes, whatever it takes yet we haven't seen any action. we still don't have the fine details yet. do you actually think it will go forward? >> absolutely. because i think he indicated, not indicated he basically stated that the ecb is ready. there are a couple of other steps that need to happen. one is german supreme court has to opine esf and esm are legal entities and they can help these countries. tracy: right. >> in addition, the countries themselves actually have to seek esm, esfs support. tracy: i think that is a big point there, right? if you could stick with us for two seconds. we've been talking about this new kindle paperwhite. finally we have pictures that we can show you. as adam shapiro has been reporting, he is inside
amazon and jeff bezos speaking right now. it is called a kindle paper space white. better to be used in direct sunlight. batteriry lasts eight weeks. that is crazy. he said the kindle paper whyte can tell you how long it takes to finish a chapter or book. i'm not sure that is information i want to know. carries the entire library. the best part it will be 3g and free on the version that will cost $179. that version won't ship until october. the base version now, at $69. jeff bezos earlier said part of the problem is people didn't want a gauge get. they want a service. that's why all the others before haven't sold. he is pretty confident this one will. we'll see. as we get photos and information we'll bring it directly to you. let's get back to europe. europe moving up 22 points right now. talk about debasing the
currency. ashley's guest he spoke to talked much about that. talk about the dollars. we flood the economy with dollars. ben bernanke and co prints, prints, prints. can they afford to have it debased? >> they're doing slightly differently than ben bernanke did. they're going through a sterilization process. whatever liquidity they inject through these processes they will take it out through some other mechanism. to some extent technically it should help. i think that is really an academic point. at current rate of affairs, rates are currently at rate of zero. is this debate. of the currency? probably but this is something they have to do. without that it will be the ultimate debate. of the currency which is euro breaking up. tracy: the ecb in theory according to treaties can not buy in the primary markets unless they change the treaty. do you think this will be bypassed and they will get through this?
>> there are they're being technical about it. esm is buying primary issues. they're buying secondary issues. that is how they get around the legal requirements. tracy: a lot of jargon but they will do it? >> yep. tracy: krishna, thanks for being with us. a lot of stuff going on and europe apparently getting it to together. ashley webster will join us live from frankfurt throughout the hour. back home, president obama fine-tuning his critical speech tonight at the dnc. what will he say about the economy and our massive $16 trillion debt? will it be as long as former president bill clinton's speech? one can only hope not. we're live from charlotte coming up. but first as we do every time at this day, at this time of day we'll look how oil is trading up, about 36 cents. $95.72 a barrel right now. ♪
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with total customer support. legalzoom documents have been accepted in all 50 states, and they're backed by a 100% satisfaction guarantee. so go to legalzoom.com today and see for yourself. it's law that just makes sense. tracy: we have more breaking news coming out of the big amazon meeting. jeff bezos announced a new tablet, the kindle fire. now the old one where is let's remember, was 199. new one, $159. it will have two times the memory, 40% faster. a longer battery life. you can buy this starting september 15th. good news, too, it has h. did, which plays really well into amazon's big push for
video out there. $159, versus the old at $199. and as we get more information we'll certainly pass it along to you. amazon's stock certainly having a nice day. it is quarter after. we have to go down to the floor of the new york stock exchange. nicole petallides. nicole, you have a company trying to help democratic supporters who were turned away from president obama's speech? >> this is really interesting. of course we had hurricane isaac which really affected everything. we've been moving things along. what we're looking at president obama's acceptance speech. now us air ways is saying that anyone who wants to change their departure plans out of charlotte and do so one day early, can do so. so they are providing customers flexibility to adjust their current travel plans. here it is. at no additional cost. wait, what? that is pretty amazing. there are some who couldn't get tickets and things were moved around because of what we've been seeing was
inclement weather so they're being pretty kind here with this departure plan. back to you. >> that is a great story. nicole we'll check back in with you in 15 minutes. nicole talked about president obama's speech tonight but many asked can it live up to former president clinton speech and will it be as long? peter barnes is talking to another one of last night's speakers. hey, peter, it was a solid hour last night, wasn't it? >> action-packed, tracy. we want to continue the action with one of the speakers last night. his name is randy johnson. he was an employee in american pad and paper company in -- >> marion indiana. >> marion, indiana. >> taken over by mitt romney's bain capital back then. in 1994 randy and 350 of his coworkers were fired from the company and as a result he has been out here speaking about bain capital. last night, randy, you said, i don't fault mitt romney
for the fact that some companies win and some companies lose. that's a fact of life. what i fault him for is making money without a moral compass. how, how can you say that? >> well, because i was talking about his business dealings and way he does business and how many people have been harmed by that. i think there needs to be moral compass as well as in your personal life. i went on to say i didn't think he was a bad man. i was referring he does good things in his life. i want to be fair. i try to be open and honest people, but i think moral compass side with his business, his business is about creating profits for those that invest in him. that's it. the rest is a biproduct. he said that on one of your competitors the other night it was a by-product. >> even though he went ahead and some of the companies he helped to save and grow, stale peps, domino's, sports authority, which created thousands of jobs --? >> no. >> that had no basis in
morality either? he did create jobs as well, didn't he? >> he absolutely did create jobs. talk about staples. i remember standing in front of staples in 1994 trying to get his attention. i talked to workers there. at that time they were low wage, part time. they had no benefits. unless you were in management you had to work two jobs back then. he was creating those types of jobs. i think it is good we create those jobs. what about the industrial jobs that provide more and pay more taxes and drive down the debt. >> just in our last minute here, what do you want to hear from president obama tonight? >> i think the biggest thing i want to see a a good solid road map, going forward. i think everybody is looking for that. i don't believe we seen it at rnc. we've seen over views. time to get more meat on the bones. i personally want to see how we'll create the jobs. ideal, being a worker i tend to look at this, i don't have anything against wealth. i want to put that on the front end but i think we need to change the tax structure and we also ought to provide big incentive for
building things and businesses and growing in our own country. not investing in others. shouldn't get a tax break for putting a bank account and owning it in offshore stuff. >> okay. >> you should not get a tax break for doing that and investing overseas, when you should be getting tax breaks for building business in the u.s. which provides workers. that helps pay taxes. >> we're appreciate that. not going to get into the weeds of the tax code right now. >> i know. >> want to let everybody know, randy landed on his feet. he is a bigshot at the united steelworkers. >> i don't know how big. we're at least famous town here. >> randy johnson. take care. tracy back to you. >> peter barnes, thank you very much. peter will be live at the dnc tonight with our very own neil cavuto covering it wall-to-wall 8:00 p.m. eastern as only neil does. are today's gains just the beginning of something big or will september prove once again to be weak for stocks? we have a leading fund
manager and his insight. that's all next. but first let's look how the dollar is moving right now against the other currencies as we head out to break you see us, at the start of the day. on the company phone list that's a few names longer. you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank.
>> at 23 minutes past the hour i'm juliet huddy with your fox news minute. sir union troops took back a border in jordan that was used as transit point for those leaving country. the rebels, who were pushed out had been in control for several months. the remnants of a tropical storm helped firefighters make progress in their fight against a blaze that claimed more than 4,000 acres in california's san gabriel mountains. the favorable conditions helped stop the fire near the small community of camp williams to help people return home. full containment is expected in about a week. a colorado third-grader was sent home from school for wearing a number 18 jersey. the school district doesn't have anything against supporting bronco quarterback peyton manning. why would they? the 18th in that area is associated with 18th street gang. nothing with 18 can apparently be warned. that is latest from the fox
business network. tracy, yea or nay. tracy: tough one. tough one. >> were you listening? tracy: i don't know, i don't know gang, i'm not gang girl so, i get keep the 18 away. juliet huddy, thank you very much. markets are on a tear fueled by upbeat u.s. economic data and ecb president mario draggy backing up his, i will do whatever it takes pledge to save the euro. how should you diversify your portfolio? we have michael cuggino, president of permanent portfolio family of funds. michael, thank you for being with us today. i think this market a little myopic or a lot myopic. last week we got a ism manufacturing number that is awful. today we have good data. we're rejoicing. europe's great. are we done? >> no. i think we're trading on today's news which was favorable towards equities. last week we traded against it. i mean the markets like that right now because we're getting such mixed signals.
we're getting back and forth trading. although the trend has been up and been supported by corporate earnings in the last year or so. dividend yields are healthy. there is still a lot of money on the sidelines. this rally hasn't been one with a lot of volume so there is room potentially on the upside for stocks as long as you have the right circumstances. the old wall of worry the stocks have to climb with elections, fiscal cliff what is going on in europe. the anemic, u.s. economy. there is always negatives out there and the market deals with them, sometimes more prominent on some days than others but today it's a happy day and we're up. tracy: verizon raised its quarterly dividend so all is well in the world apparently, right? this month of september is supposed to be generally a down month. is this a blip or do you foresee a change in the tides? >> well, you know, historically that may be true but every year's different. so i wouldn't read too much into that. i think the reality right
now is that, you know, equities are trading at reasonable multiples. there are concerns out there though, as long as orthopedic earnings hold up, as long as monetary policy remains accommodative, and, there are not a lot of alternatives for yield or growth right now i think u.s. equitying will be attractive in a number about areas. tracy: let's move over to the fixed income markets real quick because i know you like treasurys and high grade corporates. real interesting, because we had a guest last week that said stay away from both of those and only buy high yield. how do you make your case? >> well, we use a diversified strategy. we talked about equities. bond protect us against deflation, recession, anemic economic growth, asset bubbles crises, et cetera. so we want some exposure to portfolios in bonds. treasurys and high grade corporates will do that. obviously on a yield basis they're not attractive as
high yield bonds but you take on less balance sheet risk. from our standpoint, you know, asset president vigs is a big concern of ours. so we're looking to earn as best we can in this environment with our bond holdings while looking at good, stable names that can pay off principle and interest on time. tracy: i know some of your equity picks fedex, state street, holly frontier as well as gold and silver. michael, thanks for being with us. this news on the kindle fire you unfortunately cut us short today. we'll have you back. >> anytime. tracy: michael cuggino, permanent portfolio president and general manager. coming up my friend ashley webster live from frankfurt on the ecb new plan to fight the financial crisis. as we go out from break, let's look, well, mostly winners and some losers out there too. we'll be right back tdd#: 1-800-345-2550 wh i'm trading, i'm totally focused.
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ask your doctor about symbicort. i got my first prescription free. or click to learn more. [ male announcer ] if you can't afford your medication, astrazeneca may be able to help. >> going back to the floor of the new york stock exchange with nicole petallides. >> yes. i have a friend. we'd chat regularly about the market moves. keith today said the move today, the breakout has more upside potential. between three and 5%? >> we have been trading in technical patterns. right now 1428 it could go 1440, so i do agree although talking about the politicians you have to be careful it could come around
the next day. >> win you have multiple traders starting to agree they could confirm the upside potential. and europe? >> the proof is in the pudding. we still have september 12 looming and they could make eight the entire thing. then we're back a 1400. there are still issues in europe supporting the sovereign, to support the bank's. their needs to be dominoes to make headway. >> domino's. wild card. talk about the volume that is moving forward today. tracy: everybody is back from vacation. going back to frankfurt germany with the ecb market
move and will it last? >> that is a good question. july 26 that ec the president draghi said we will take -- do what it takes to preserve the euro. today he delivered what the markets wanted. the critics were already talking the president of said german bank released a statement saying the bond program is tantamount to financing through bank notes. it is not in the ecb mandate. others say the best solution is less government. >> is very important
government withdraw from the market seen. with entreprenuership, a company is create jobs to produce good and services. so basically the change of attitude is required. ashley: we should point* out if you want to tap been the bond program you have to request. if they want help they have to ask inside their country. that could be a problem but that is the deal said draghi. he believes it is a backstop with the bond yield coming down.
but going forward and the europeans solve the debt crisis? a much taller order. tracy: but they still have not address the problems that got them there in the first place. a short-term fix i guess. should be by credit-card protection insurance? they are coming under fire with the consumer protection bureau. they are on fire. >> they should. this is a waste of money called credit protection plan you pay $1 for every $100 of credit that you have a which is 10 or $20 per month doesn't pay your debt? no. it makes the minimum monthly payment.
it is a waste of time and money. incentive paying their credit card operator just set aside the money and pay it yourself. tracy: but it is pitched like the insurance. >> i think it is very convincing with the marketing. normally by third parties. they had nothing in the back of their head for american express to have the ongoing relationship for a long period of time they just want to sell the insurance policy. said they took short cuts, glossed over the details. if you read student there were a lot of caveats. they're getting crackdown on.
it is a good thing. tracy: what about your show tonight? >> looking forward to the democratic national convention and doing a fact check on the clinton speech. tracy: stirring oratory. >> but there were very few fact. tracy: i am still going with wrong. [laughter] to 992 gerri willis at 6:00. the new and improved version of the kindle fire tablet. jeff flock is live in from chicago with gm's iraq i have the smallest gm car ever made. the chevy sparc. i also have numerous boxes of cheerios.
the wily on wall street continues back of the s&p 500 hits the highest level since may 2008. investors are cheering the ecb plan for the bond buying program helping italy and spain. oil continues the up -- upward trend there is more pain upon. the national average is now $3.82. electronic arts scored a touchdown with a pneumatic an nfl 13 game that continues to set records during the first seven days. following the announcement that mad and nfl had a record on the high-definition consoles. this is the latest from fox business, giving you the power to prosper
>> some of general motors models of the biggest sales ever. as it introduces the chevy spark nesters wonder. we have jeff flock single ontario's fit into the equation. >> speaking of this right now on the chevy spark. the first time gm has gotten into the market. the smallest of the small markets that is huge for the small car sales. looking at the numbers, the ship the sparc was the monthly winner selling 2600 last month. the chevy sonic is the next biggest from 8700, the chevy cruise sold 25,000 even the
chevy volt but can you make money selling small cars? >> we have proven that. is very prudent with inventory levels. the same thing is happening with sonic. >> you did not do this stupid thing buying too many. >> stupid is a tough characterization -- characte rization. [laughter] >> i want to show you the car. there is the 7-inch color touchscreen. here is where the cheerios come in look at the fiat 500 who very pretty. , if you stuff the jury of boxes inside the cars, you
can get that many days that many and still drive it. you cannot do that with that competitors. many do not like the small car but this is the biggest small car out there. tracy: but i have enough people to eat all those boxes of cheerios. [laughter] that will not appeal to me. we have breaking news with the amazon kindle fire. the amazon conference giving up details to adam shapiro. what he is telling us it should be available by september 14th. the display plays a video and potentially taking on netflix. 40% faster than the ipad.
the kindle fire does not offer for g but the ipad does. i am not sure why you need to speakers. the i have only has one. and also for movie watching you can tap on the screen to get data, the name of the stars, also parental controls you can limit the time your kid spent on it. does it just implode? the price is $199. the same as the old one. as they get new permission we will send it out. it is time for stocks going back to new york stock exchange with nicole
petallides. >> looking at the rally and has not budged look gain at 222 points that is where we are right now sitting at the 1430 mark. look right now at the highest level since -- since may 2008, now at the highest close since 2007 with of s&p 500. moving sector to sector wells fargo, at kraft foods foods, home depot, a disney disney, urban outfitters many are hitting new 52 week ties. tracy: it is a good day. being the democrats is a big business one pass to hire to
september 14th has the availability. also ht is to $99 they said we want to make money when they use the device, not when they buy them. profit margin is very small because they get you to use it. they just announced a 40 tablet kindle fire at 84 d light. that is the ultimate tablet wireless 400 and dollars son now we have 37-inch, at 8.9, the larger at $499, the 4g. we will keep bringing information. wilt erasing early gains
after u.s. crude and gas inventories dropped more than expected. we have sandra smith looking at oil from the pits of the chicago mercantile exchange. >> we have taken back those gains after the bullish inventory report with a bigger drawdown after hurricane is it. i pulled a trader at out of the pits for go what is going on after being up 2%? >> yes it is not keeping pace we still have to get through the level trading through 98 level then i look at 101. >> bair is a lot of varying forecasts. goldman sachs 118 and
deutsche bank 72. >> it is a strong barometer look at gold, stocks, i will not be the one to take a turn but holding at 95 is solid support. >> how do you position yourself tomorrow with the jobs report? >> summed people in crude took the money off the table but i am looking positive. >> there you have it. back to you. tracy: sandra smith. at the cme. the convention brings business to the host city. the something classic cafe and catering expect to see over $1 million in sales. the president is with us, i jill, thank you. studies have shown
businesses rarely benefit. how do you do so well? >> as a dictator we have been very involved kicking off with the media opening party with 15,000 people that we have been a poll. tracy: you were chosen ones you applied to be a vendor than needed another 200 part-time people? you have that much demand? >> yes. we rented a warehouse for equipment and supplies also for training. tracy: one happens after they leave? will you get more business? >> we have definitely a gotten better as a caterer from what we do and making ties within the community. we have made new customers.
we're well set up to take on bigger parties and. tracy: i apologize i am not a time with breaking news. congratulations. making money and giving people jobs. >> our pleasure. we are glad it is over. [laughter] tracy: something class the cafe and catering. check her out. we have the dow up in asset webster is overseas and thankfully liz claman will take you through with fox business exclusive live from the dnc. countdown to the closing bell is next.
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